REUTERS: U.S. private equity firm Insight Partners said on Thursday it was buying Swiss data management company Veeam Software, in a US$5 billion bet on the fastest-growing player in the market for backing up critical information on remote servers.
"Veeam's strong growth, coupled with high customer retention, unparalleled data management solutions and the opportunities to expand services into new markets, make one of the most exciting software companies in the world today," Insight Partners Managing Director and Veeam board member Mike Triplett said in a statement.
According to consultancy IDC, Veeam achieved year-on-year revenue growth of 22.4per cent to US$427 million in the first half of 2019 - outpacing a market average growth rate of 3.1per cent.Dell Technologies grew by 5.8per cent, while IBM, Commvault and Veritas Technologies all suffered year-on-year declines, according to the IDC analysis https://www.veeam.com/executive-blog/idc-tracker-h1-2019-data-replication-protection.html.
Earlier this week, the private equity firm had said it would buy cybersecurity firm Armis at a valuation of US$1.1 billion.
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